Homeowners have been hit with yet another interest rate rise adding further pressure to already tight household budgets.

At 2.35 per cent this is Australia’s highest official interest rate since 2014. The rate is rising at its fastest pace since 1994 – almost three decades ago.

Paying bills, feeding families and making mortgage repayments is becoming increasingly difficult but Labor still has no plan to help Australians through the tough times ahead.

A homeowner with a mortgage of $750,000 is now paying around $900 more on their monthly repayments than they were in May.

That is a huge amount of extra cash to stump up month after month.

By Christmas – a time when Australians are wanting to spend money on gifts for loved ones, getting together with family and going on holidays – the pain of the rate rise will really start to sink in.

The Government doesn’t want to talk about the cost-of-living crisis because it doesn’t have a plan.

The only thing the Albanese Government could manage in response was to host a jobs summit vanity project which failed to deliver a single thing to address cost of living pressures on families and businesses. 

Instead it wants to reintroduce industry-wide bargaining, industry-wide disputes and strikes which will ultimately lead to higher unemployment, less profitability within businesses and a negative impact overall on the Australian economy.

The Albanese Government must make cost of living its top priority and respond to these challenges by developing a comprehensive plan to avoid making a bad situation worse.